Kankakee Valley Post, Volume 2, Number 43, DeMotte, Jasper County, 9 March 1933 — VALLEY BANKS ARE READY TO RE-OPEN [ARTICLE]

VALLEY BANKS ARE READY TO RE-OPEN

Business Men Are Optimistic and Look for Good Results. Business in the Valley has struggling along under the handicap of a nation wide bank moratorium which has had the effect of freezing the money of bank depositors and creating a shortage of cash that has seriously hindered business operations. So far as the moratorium itself is concerned none was needed for local matters and only as it concerns the banking structure of the country as a whole was a cessation of bank payments needed. All of the Valley’s financial institutions are in excellent shape, and have cash enough on hand to meet all demands that may be made. Every dollar of depositors money could be paid as fast as the money could be apportioned out. Their resources are practically one hundred per cent, liquid, and the officials of each institution have prepared themselves for months to insure the payment in full of every dollar deposited with them. In so far as local business is concerned no moratorium is needed or asked, and only the proclamation of President Roosevelt declaring a bank holiday from Monday until Thursday of this week, and the restrictions put upon withdrawals by New York and Chicago correspondents, the local banks could have gone ahead with business as usual. Some little inconvenience was encountered by citizens who were caught short of ready cash over the week end, and business of all kinds lagged a little on Saturday due to the shortage of currency. Some inconvenience has been caused by lack of facilities to make change, but on the whole business men and other citizens generally have faced the situation with courage and good humor. A greater willingness to be of help has marked the activities of the community since the moratorium, than for months past, and everyone seems to be facing the future with cheerful hope and optimism. When and if the opening of the banks again for unrestricted business depends largely upon the national situation. The activities of every bank in the United States is under the direction of the Federal government and not until orders are received from Washington can business resume. The present moratorium is to end at mid-night on Thursday, and unless renewed, or other orders given the banks may resume payment of checks and permit withdrawals again on Friday morning. In any event, there is a feeling of relief throughout the country that the worst has happened, and that any further change must be up instead of down. We have reached the climax of the worst depression in history and survived it without serious inconvenience. The future holds hope and promise of better times. The shrewd and fortunate individual will now turn his attention to discovering safe opportunities to invest nis money, rather than to seeking some way in which to retire it from circulation. Money must find some way to go to work, instead of figuring out some new way to play hide and seek.